Barbados Bankers Association Applauds Country's Growing Economy, Citing 3.9% Overall Growth and Fiscal Achievements
November 13, 2024
Barbados Bankers Association praises country's 3.9% economic growth, fiscal policies, and credit rating upgrades. President McIntosh highlights positive outlook but raises concerns about rising crime rates.
The Barbados Bankers Association has given a thumbs up to the country’s growing economy.
Two weeks ago, governor of the Central Bank Dr Kevin Greenidge confirmed the country had recorded an overall growth of 3.9 per cent, and last week the International Monetary Fund also commended the country’s fiscal policies, while approving another US$52 million for disbursement to the country.
President of the Barbados Banks Association, Shimon McIntosh, was glad to hear the news.
He said that the rebound and steady economic growth, 3.9 per cent during the first nine months of 2024, continues to augur well for Barbados’ economy, and commended the Government for achieving its primary surplus targets, continuing to place debt/GDP on a downward trajectory and maintaining foreign exchange reserves at high levels.
“This performance is both strategic and commendable given the global context of uncertainties, and other challenges associated with small island developing states,” the president said in a statement.
He also welcomed the Central Bank’s commitment to digitalisation of banking as consumers would benefit from the efficiencies to be gained through technology.
McIntosh also cited as a positive development the recent credit rating
upgrades by Fitch Ratings from B to B+ with a stable outlook on October 15 and Standard & Poor’s (S& P) upgrade from B- to B, with a positive outlook on November 5.
“Given the increase in forward bookings for air travel and cruise activity in the last quarter, the revitalised construction sector and growth in other nontraded areas as outlined in the Central Bank’s report, the Bankers Association anticipates continued positive performance for the full year,” he said.
However, the bankers boss reiterated the concerns of all stakeholders about the increased crime in the country and urged all Barbadians, within their sphere of influence, to play a significant role to contain and curb crime.
He also urged high vigilance to the public to guard against being negatively impacted by fraud and to be wary of pyramid and ponzi schemes, especially as Barbados prepares to celebrate Independence and approach the robust Christmas season and festivities. (BA/PR)
